Leading exchange, Huobi, has garnered attention multiple times this week. With an eye on continued expansion, the exchange has seen the acquisition of various levels of talent. Not content with their current 4th place standing in worldwide exchanges, Huobi looks to become bigger and better.
Founder of Zuckerberg Media, employee of Facebook for 6 years, and now a member of the Huobi Advisory Board. You might recognize her name, as she is the older sister of Mark Zuckerberg.
Randi has been brought on board by Huobi to lend her talents in the development of a public blockchain. Joined by multiple members on the board, Randi creates a diverse pool of talent. This grouping of talent will be utilized primarily in the development of self-regulated DEX. She is joined by the following advisors.
Steve Hoffman – Entrepreneur
Xiaolei Liu – Professor of Finance and Accounting at Peking University
Ooi Beng Chin – Professor of Computer Science at University of Singapore (NUS)
Don Tapscott – Tapscott Group CEO
Jeffrey Wernick – Venture Capitalist
Lon Wong – ProximaX CEO & Founder
Jihan Wu – Bitmain Co-Founder/Co-CEO
In their press release, Huobi states, “The Huobi Chain Advisory Committee will provide comprehensive professional advice and insights on the underlying technology, industry application, business model construction and other dimensions of the blockchain. They will also offer advice and support during the election of the Huobi Chain Leader Championship.”
In even bigger news, Huobi is reportedly only steps away from the acquisition of Pantronics. Established 28years ago, Pantronics is an electronic manufacturer based out of China. Despite only going public 2 years ago, the company is looking to sell a majority stake to Huobi.
With the deal coming in at over $77 million, this a large acquisition. Upon completion, Huobi would gain the ability to go public themselves. The process through which this occurs is known as a reverse-takeover. Per Investopedia, a reverse-takeover is, “…a type of merger that private companies engage in to become publicly traded without resorting to an initial public offering (IPO). Initially, the private company buys enough shares to control a publicly traded company. The private company’s shareholder then exchanges its shares in the private company for shares in the public company. At this point, the private company has effectively become a publicly traded company.”
While other exchanges are opting to go the traditional route of going public (hosting an IPO), Huobi may have found a better way. By acquiring a majority stake in Pantronics, they will be able to both expedite and simplify the process of entering secondary markets.
With these steps, Huobi continues to be a market leader within the world of blockchain. We have seen them develop massive incubator funds, recruit top end talent, and now take part in major mergers. Huobi is turning into a force to be reckoned with.